Sonor Investments Limited Reports Second Quarter Financial Results
August 17 2010 - 2:55PM
Marketwired
Sonor Investments Limited (TSX VENTURE: SNI.PR.A) today reported
its financial results for the six months ended June 30, 2010.
6 months ended June 30 3 months ended June 30
2010 2009 2010 2009
$000 $000 $000 $000
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Revenue 288 302 144 43
Net Income (loss) 71 (228) 68 (22)
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Michael Gardiner, President and Chief Executive Officer, stated
that as at June 30, 2010 the Company's assets totaled $50.2
million. These assets included $13.2 million of marketable
securities, $31.9 million in a private investment and $5.1 million
of cash and cash equivalents.
During the six months ended June 30, 2010, the Company realized
net capital gains of $9,000 on the sale of investments with no
write down of assets compared to net capital losses of $14,000 and
a write down of $345,000 during the six months ended June 30, 2009.
During the three months ended June 30, 2010, Sonor realized net
capital gains of $9,000 on the sale of investments compared to net
capital losses of $55,000 during the corresponding period of the
previous year.
During the period under review, the Company has maintained net
assets and qualified investments in excess of the amounts
prescribed under the share conditions pertaining to the First
Preference Shares in its capital stock.
The Company has begun the implementation of its International
Financial Reporting Standards ("IFRS") changeover plan required by
financial regulators in Canada commencing January 1, 2011. It is
not expected that the IFRS will materially impact the Company's
operating results.
Sonor Investments Limited is an investment corporation located
in Toronto, Canada. The First Preference Shares of Sonor trade on
The TSX Venture Exchange under the symbol SNI.PR.A.
Contacts: Sonor Investments Limited Mr. Michael Gardiner
President and CEO (416) 369-1499 Sonor Investments Limited Mr.
Stephen Mills Treasurer & CFO (416) 369-1499
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